Known as the world’s financial center, New York City is a hub of entertainment, business, sports, fashion, art and other cultural activities. With a population of over 8 million people, space in New York is at a minimum. This makes real estate in the city hard to come by (home ownership rates in the city are 33% compared to the nation average of 69%). The current median home value in New York is an astounding $380,052. With rental properties at an average of $2,500 per month for a two bedroom apartment.

One of the largest problems for individuals looking for real estate in New York City is the lack of inventory. This is one of the primary reasons for the high home prices. In addition, because of the small real estate resource pool, the competition for desirable properties can be fierce, cause home buyers to take part in long searches and bidding wars.

In addition to high housing costs, New York is one of the most expensive cities in the world in which to live, ranking number 12 in a 2004 cost of living survey. By comparison, the survey suggests that a person who earns $50,000 per year in the city of Pittsburgh (ranked 112th in the survey), will need to earn $97,977 to have a comparable life style.

So what draws people to the Big Apple? The city’s allure can be found in its worldwide prominence. It is the largest city in the United States and the third largest city in the world. New York headquarters countless economic giants and is a global financial, legal and media center. In addition, its location on the Hudson River has made it a global trading port.

New York enjoys four very distinct seasons. Summers can be warm and humid with an average high temperature of around 85 degrees Fahrenheit and a low of 68. Because of its coastal location, its winters tend to be milder than cities located at the same latitude position. Average winter highs are approximately 40 degrees, while lows are around 28 degrees.

The city is divided into five very individual boroughs each with hundreds of distinct neighborhood characteristics. The Bronx is New York’s innermost borough, and the site of Yankee Stadium and the Bronx Zoo which is the United State’s largest metropolitan Zoo. Brooklyn is the city’s second largest borough (by population) and is home to Coney Island. The most populous and perhaps most popular borough is Manhattan. It is the financial and entertainment center of New York and home to Madison Square Garden, Broadway, Times Square and Central Park.

Geographically speaking, Queens is the largest borough. It hosts and ethnically diverse population as is largely residential. It is also home to Shea Stadium and LaGuardia and JFK Airports. Staten Island offers the most suburban living of the five boroughs and is connected to Brooklyn via the Varrazano-Narrows bridge.

Along with traditional MLS listing services, there are several ways to market real estate in the city of New York. Online sites are numerous and include homes.com. ny.com and local chamber of commerce websites. In addition, the city boast several daily and weekly newspapers including the New York Times, The Wall Street Journal, The New York Daily News and The New York Post. Realtors as well as home buyers frequently use these publications to advertise or research home options.

New York City offers something for everyone, which is why so many people choose to call it home. It is easy to see why the Big Apple is among the most desirable places to live in the United States.